WEDNESDAY, AUGUST 2, 1978
1E SECOND AND NEW TYPE WOULD BE FOR THOSE IN WHICH THE FUNDS ANE VCT HELD SEPARATELY, ARE SELF-ADMINISTERED BY MANAGEMENT AND ARE INVESTED IN THE COMPANIES' OWN BUSINESS.
UNDER THIS TYPE, EMPLOYEES WOULD NOT BE GIVEN TAX RELIEF ON NOTIONAL CONTRIBUTIONS OR PROVISIONS MADE TO FINANCE THE SCHEME AND THEY WOULD HAVE TO WAIT FOR SUCH RELIEF UNTIL THE ACTUAL PAYMENTS WERE MADE TO EMPLOYEES ON RETIREMENT.
+HOWEVER, EMPLOYEES PARTAKING IN THIS TYPE, LIKE THOSE IN THE FIRST TYPE, SHOULD ALSO NOT BE LIABLE FOR SALARIES TAX ON SUMS PAID TO THEM UNDER THE SCHEME,+ SIR SZE-YUEN SAID.
HE SAID THIS CHANGE IS LONG OVERDUE AND WILL REMOVE A MAJOR INJUSTICE TO WAGE EARNERS.
HE COMMENDED THE GOVERNMENT FOR ITS EFFORTS IN IMPROVING THE WELFARE OF THE WORKERS THROUGH LABOUR LEGISLATION IN RECENT YEARS.
HOWEVER, HE SAID, ALL THE WELFARE AND FRINGE BENEFITS SO FAR PROVIDED ARE SHORT-TERM IN THEIR EFFECT, AND EVEN REDUNDANCY PAY, WHICH IS THE EXCEPTION, CANNOT REALLY BE CLASSIFIED AS A LONG-TERM BENEFIT.
A NATIONAL CENTRAL PROVIDENT FUND SCHEME HE PROPOSED FOUR YEARS AGO WAS VERY ENTHUSIASTICALLY SUPPORTED BY THE INDUSTRIAL WORKFORCE. DESPITE GOVERNMENT APATHY TOWARDS THE PROPOSAL, THERE IS AN INCREASING NUMBER OF INDUSTRIAL EMPLOYERS ESTABLISHING RETIREMENTS SCHEMES.
+THIS IS, OF COURSE, A VERY WELCOME DEVELOPMENT AND ! URGE THE GOVERNMENT ACTIVELY TO ENCOURAGE AND PROMOTE SUCH PROGRESS IN THE PROVISION OF SOCIAL BENEFITS,+ HE SAID.
THE HON. LEUNG TAT-SHING, THE REV. THE HON. PATRICK MCGOVERN THE HON. WONG LAM AND THE HON. JAMES WU SPOKE IN SUPPORT OF SIR SZE-YUEN'S PROPOSAL TO INTRODUCE A NEW TYPE OF APPROVED RETIREMENT SCHEME TO BENEF IT WORKERS.
MR. LEUNG SAID HONG KONG'S WORKFORCE HAS BEEN ONE OF THE LESS FORTUNATE GROUPS OF THE COMMUNITY.
OVER THE PAST DECADES OUR WORKERS HAVE UNSELFISHLY CONTRIBUTED THE IR SHARE TOWARDS PROGRESS AND ECONOMIC SUCCESS AND NOW THAT THESE GOALS HAVE BEEN REACHED, THEY DESERVE TO SHARE SOME OF THE FRUITS OF THE IR HARD WORK, HE ADDED.
MR. LEUNG AND FATHER MCGOVERN URGED THE GOVERNMENT TO RECONSIDER THE INTRODUCTION OF A CENTRAL PROVIDENT FUND SCHEME.
FATHER MCGOVERN DREW ATTENTION TO A CHAPTER ON OLD AGE PROTECTION IN AN INTER-DEPARTMENTAL WORKING PARTY REPORT PUBLISHED IN APRIL 1967 WHICH HE WANTED THE GOVERNMENT TO LOOK AT AGAIN AND UPDATE.
/ALTHOUGH